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Inspectors
Don Melton
Housemaster
Email: dmelton@housemaster.com
Web site: www.donmelton.com
Phone: 800-767-3131
Fax: 262-554-0092 Michael VonGunten
Lakes Area Home Inspections
Email: Mike@LahiGroup.com
Web site: www.LahiGroup.com
Toll Free: 800-531-5857
Fax: (262) 862-2104
Cell: (262) 945-2446
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Tax Considerations >Taxable Profits
If you are thinking of selling your home and your house has risen in value since you purchased it, or you have accumulated a lot of deferred profit from previous sales, the Taxpayer Relief Act passed in 1997 could be of tremendous value.
Prior to this law, when a homeowner moved to a smaller home, relocated to a less costly area, or made a decision to rent, they were left with unfavorable tax consequences. The old tax law allowed people who sold their homes to defer tax on any profit by buying a replacement home of at least equal value within two years. At age 55, they could permanently escape tax on up to $125,000 of profit, but any profit in excess of that amount was taxable unless a new home was bought.
The good news is that with homes sold after May 6, 1997, homeowners can make as much as $500,000 tax-free profits on the sale of a principal residence for joint filers or $250,000 for single filers. The $500,000 capital gains exclusion removed taxes as a consideration for most home sellers by giving them flexibility to trade up or down. It has also allowed homeowners to preserve the savings value of a home when they sell, provided they use the property as their principal residence for two of the prior five years prior to the sale.
Consult your tax advisor for your particular circumstance.
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| Q |
Who is "Fannie Mae" and why is she a big name in real estate?
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| A |
"Fannie Mae" is the real estate industry nickname for FNMA, or Federal National Mortgage Association, the stockholder-owned corporation that purchases mortgages from mortgage lenders. |
 See More Real Estate Trivia > |
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Ron and Diana Dahlberg
1 MONTH REALTY
5703 Springbrook Road
Pleasant Prairie, WI 53158
Office: 262-697-6008
Fax: 262-697-6058
E-Fax: 262-721-0206
Cell: 262-308-3563
kenoshahomesforsale@NUMBER1EXPERT.com
Welcome to the World of 1 MONTH REALTY! When you demand excellence in real estate service do not hesitate to contact Ron and Diana Dahlberg. They are the #1 real estate team in Kenosha, Wisconsin. You get total TEAM Support! They understand your wants and needs. Buyers have confidence in Ron and Diana's professionalism. Call or email Ron and Diana today!    
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